AUD/CAD 1H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
There is an increasing chance of the recent recovery from 9.40 coming to an end, as implied by the emergence of a rising wedge. However, considering the bullish indicators on the four-hour chart, AUD/CAD still has some upward potential. The rally is thus likely to extend a bit further, to the Nov 21 high at 0.9850, before making a U-turn and breaking out of the pattern to the downside. The first significant support will then be at 0.9650, where the weekly PP merges with the Dec 16 high. Additional demand area is at 0.9580 created by the weekly S1 and 200-hour SMA. Meanwhile, the SWFX sentiment is positive towards the Aussie—61% of open positions are long.
© Dukascopy Bank SA
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